Latest Headlines

Reports written by David Crowther

Cyprus government extends water saving subsidies

The Cyprus government’s Water Development Department (WDD) has announced the continuation of various subsidy schemes in its drive to promote water saving which have now been extended until 6th December 2010.

Slowdown in Cyprus construction activity continues

Latest figures from the Cyprus Statistical Service show that building permits for the construction of 1,624 residential properties were authorised in December 2009.

Bad omens for Cyprus economy

Revenues flowing into the Cyprus government’s coffers dropped in January 2010 sounding alarm bells in the Finance Ministry for the economy and what the fiscal deficit might reach in the coming year.

Foreigners show little interest in property market

Foreign interest in the Cyprus property market is showing no sign of a recovery at the start of the year with sales in January down by more than 28 percent on last year.

Building permits down again

Latest figures from the Cyprus Statistical Service show that building permits for the construction of 1,285 residential properties were authorised in November 2009.

Property taxes to raise 80 – 100 million Euros next year

Charilaos Stavrakis, the Cyprus Finance Minister has presented a package of measures which include raising 80 to 100 million Euros from taxes on property next year as part of the Government’s overall plans to get the Cyprus economy back on track.

Tax revenues slump, deficit increases

According to reports, Cyprus tax revenues slumped during January – November 2009 and the fiscal deficit increased to more than 3% of the island’s Gross Domestic Product, which means total losses during the period exceed €500 million.

Construction output falls continue

During the first nine months of 2009 output production in the Cyprus construction sector and output prices in construction have fallen, according to the latest figures published by the island’s statistical service.

No margin for further price reductions

The chairman of the Cyprus Land & Building Developers Association has said that there is no margin for making further cuts in property prices and that external demand may improve if Cyprus overcomes the problem with Title Deeds.

Cyprus building permits for residential units fall in September

Figures released earlier today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,557 residential properties were authorised in September 2009; down 8.0% on the 1,692 authorised in September last year.

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